Month: October 2017

I never really thought twice about it. But this is true; my parents bought a haunted house back in 1995. It was a beautiful brick colonial mansion in Virginia that was converted into a restaurant on the bottom floor and the living area was the second floor.

The house was amazing; it dated back to the Civil War where it was built by a doctor and his family. In the front yard, just to the right of the long driveway was a tiny brick room where the good doctor would greet his Civil War patients, perform surgeries and amputations. To add to the mystic – the home was across the street from a Civil War cemetery. Classic.

At the time, the home was registered as a haunted house with the state and it was disclosed by the Realtor. This didn’t faze my parents in the least – my father is an amazing Executive Chef and the opportunity to own his own restaurant far exceeded the disclosure.

So they bought it and moved in…

During winter break that year, I came to visit. I hadn’t seen the house prior and I was intrigued that it was haunted. Well, truthfully I was scared to death – but so excited.

It was snowing by the time I got there and for this California girl – I was cold! So the fact that the entire house was freezing didn’t occur to me as haunted! The first couple of days were lovely, the snow covered hills, the horses next door – I was bewitched by the beauty.

Finally, on Christmas Eve, the restaurant was booked solid and I was left to my own devises. As the evening progressed, a huge snowstorm was coming our way when suddenly we found ourselves snowed-in. None of the dinner guests could make it and the only other employee, Billy couldn’t even go home. It was hellish out there. And the view of the cemetery from the second floor balcony scared me stiff. Low fog clung to the gravestones I had read earlier that day. Through the snow it was hard to make anything out. So what were we to do? Well, go ghost hunting of course.

Billy and I started in the attic. He knew stories about the house – or maybe they were tall tales. Nonetheless we were in for a riveting evening. We took the long skinny staircase to the top floor. The wood creaked heavily as we walked up the stairs. We got to a small landing that led to a small door. Billy went first. The door was unlocked and he pushed it – it opened ever so slowly. The room smelled dank and it was freezing up there, our breath fogged before our eyes. Billy hit the nob and tube switch for a light. A tiny blub hanging from the rafters illuminated. It barely lit the corner. The attic was rather empty, there were some old wardrobes and furnishing stored up there under dirty white sheets. Classic horror movie stuff, I was scared. Shaking I couldn’t even take another step in.

Then the light went off.

I SCREAMED bloody murder.

But before I could move – I heard the laughter. A hearty laugh. And some good ole’ knee slapping.

Billy had switched the light off. Haha. Very funny Billy.

We left the attic and worked our way through the salon, the morning room, the entire second floor bedrooms and living rooms, the entire first floor of dinning rooms and bar and then we ventured outside.

Bundled up in parkas, thermals, hats and gloves Billy and I walked across the front lawn towards the tiny brick house. Per the previous owners, most activity took place in the doctor’s tiny office.

I pulled on the door. Hard. It wouldn’t budge. Was probably frozen shut. I pulled again. Nothing. So Billy gave it a shot. He pulled and pulled. The door simply creaked. He pulled again and with great effort he finally got the old wooden door open.

We stepped inside this tiny room. It was maybe 10 feet by 10 feet. One tiny window – but no light came through. It too smelled old and moldy. It had a packed dirt floor. There was nothing in there and no electricity. With our flashlights we brightened every corner, our breath playing games with our eyes.

Then the door slammed closed.

This time it wasn’t Billy – he was standing ahead of me.

I shouted – “Oh Hell No!” Turned around and with one solid front kick I blasted that heavy door open and ran. Billy right behind me.

We flew towards the big house and I went straight for the parlor where my dad had the fire going and some hot totties.

He had a silly grin on his face. Sometimes I think he slammed the door.

I was officially done. My young teenage heart couldn’t take anymore. I was just fine watching the snow flurry from my chair in the parlor and I hung up my paranormal investigating badge.

The next morning, the sun was shinning and the snow blanketed the world as far as the eye could see. It was enchanting. Even the tombstones looked pretty again.

I never went back to the doctor’s office, or the cemetery and like hell would I ever venture up the stairs to the attic again. From what I heard after I returned home, Billy never set foot in the office again either.

I tried looking up the old place, but I couldn’t find it. And that’s fine with me. Maybe some stones should be left unturned. I did find one picture of the home…

I hope you all have a safe and fun Halloween. And if you are ghoulishly curious – here is a link to some other Haunted Homes…

Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

1. Understand the process.

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines.

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process.

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally.

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term.

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures — such as appliances, furniture, or window treatments — to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attach a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative.

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team. We are full time, local Realtors with over 25 years of combined Real Estate experience. How can The Caton Team help you?

Just a friendly reminded that the 1st installment of your Property Tax bill is due on November 1, 2017. Late December 10, 2017.

The Caton Team strives to be more than just Realtors – we are also your resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here. Contact us at your convenience. Info@TheCatonTeam.com

Homebuyer incentives can be smart marketing or a waste of money. Find out when and how to use them.

Be sure you’re sending the right message to buyers when you throw in a homebuyer incentive to encourage them to purchase your home.

When you’re selling your home, the idea of adding a sweetener to the transaction — whether it’s a decorating allowance, a home warranty, or a big-screen TV — can be a smart use of marketing funds. To ensure it’s not a big waste, follow these do’s and don’ts:

Do use homebuyer incentives to set your home apart from close competition. If all the sale properties in your neighborhood have the same patio, furnishing yours with a luxury patio set and stainless steel BBQ that stay with the buyers will make your home stand out.

Do compensate for flaws with a homebuyer incentive. If your kitchen sports outdated floral wallpaper, a $3,000 decorating allowance may help buyers cope. If your furnace is aging, a home warranty may remove the buyers’ concern that they’ll have to pay thousands of dollars to replace it right after the closing.

Don’t assume homebuyer incentives are legal. Your state may ban homebuyer incentives, or its laws may be maddeningly confusing about when the practice is legal and not. Check with your real estate agent and attorney before you offer a homebuyer incentive.

Don’t think buyers won’t see the motivation behind a homebuyer incentive. Offering a homebuyer incentive may make you seem desperate. That may lead suspicious buyers to wonder what hidden flaws exist in your home that would force you to throw a freebie at them to get it sold. It could also lead buyers to factor in your apparent anxiety and make a lowball offer.

Don’t use a homebuyer incentive to mask a too-high price. A buyer may think your expensive homebuyer incentive — like a high-end TV or a luxury car — is a gimmick to avoid lowering your sale price. Many top real estate agents will tell you to list your home at a more competitive price instead of offering a homebuyer incentive. A property that’s priced a hair below its true value will attract not only buyers but also buyers’ agents, who’ll be giddy to show their clients a home that’s a good value and will sell quickly.

If you’re convinced a homebuyer incentive will do the trick, choose one that adds value or neutralizes a flaw in your home. Addressing buyers’ concerns about your home will always be more effective than offering buyers an expensive toy.

G.M. Filisko is an attorney and award-winning writer who gritted her teeth and chose a huge price decrease over an incentive to sell a languishing property—and is glad she did. A regular contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team. We are full time, local Realtors with over 25 years of combined Real Estate experience. How can The Caton Team help you?

Pricing your own home is hard, what with all the history and hopes this magic number entails. Of course, you want to make a profit. Of course, all that money you spent installing a swimming pool or a half-bath will be recouped, because you’re leaving your digs in better shape than when you bought it, right? Right?

Well, not necessarily. Too many home sellers fall prey to myths about home pricing that seem to make sense at first, but don’t jibe with the reality of real estate markets today. To make sure you haven’t bought into any of this malarkey—since the buyers you’re trying to woo sure haven’t—here are some common pricing myths you’ll want to rinse from your brain so you kick off your home-selling venture with realistic expectations. It’s time to get real, folks!

1. You always make money when you sell a home

Sure, real estate tends to appreciate over time: The National Association of Realtors® estimates that home prices will jump 5% by the end of 2017 and continue rising 3.5% in 2018. But selling your home for more than you paid is by no means a given, and your return on investment can vary greatly based on where you live.

The NAR also found, for instance, that the cost of single-family homes increased in about 87% of the metros it studied, but prices actually dropped in 23 markets. So don’t assume you’ll walk away with a profit until you’ve examined what’s up in your area first.

2. Price your house high to make big bucks

We know what you’re thinking: “Hey, it’s worth a shot!” But if you start with some sky-high asking price, you’ll soon come back to Earth when you realize that an overpriced home just won’t sell.

“While the payday might sound appealing, you’re actually sacrificing your best marketing time in exchange for the remote possibility that someone will overpay for your home,” says Kathleen Marks, a Realtor® with United Real Estate in Asheville, NC.

While certain buyers might be suckered in, this becomes far less likely if they’re working with a buyer’s agent who will know all too well when a home is overpriced, and advise their client to steer clear. And this can lead to problems down the road (as our next myth indicates).

3. If your home’s overpriced, it’s no big deal to lower it later

Sorry, but overpricing your home isn’t easily fixed just by lowering it later on. The reason: Homes that have lingered on the market for months—or that have undergone one or more price reductions—make buyers presume that something must be wrong with it. As such, they might still steer clear, or offer even less than the price you’re now asking.

Bottom line: “Price your home appropriately from the beginning for your best shot at having a quick and easy sale,” Marks recommends.

4. Pricing your home low means you won’t make as much money

Similarly, sellers are often leery of pricing their home on the low end. But as counterintuitive as this seems, this strategy can often pay off big-time. Here’s why: Low-priced homes drum up tons of interest, which could result in a bidding war that could drive your home’s price past your wildest dreams.

5. You can add the cost of any renovations you’ve made

Let’s say you overhauled your kitchen or added a deck. It stands to reason that whatever money you paid for these improvements will be recouped in full once you sell—after all, your home’s new owners are inheriting all your hard work.

The reality: While your renovations might see some return on investment, you’ll rarely recoup the whole amount. On average, you can expect to get back 64% of every dollar you spend on home improvements. Plus that profit can vary greatly based on which renovation you do.

If you have an appraisal in hand, from when you bought or refinanced your house, you might think that’s a logical place to start to price your home. It’s not!

An appraisal assigns your home a value based on market conditions at a specific date, so it becomes old news very quickly. In fact, lenders typically won’t accept appraisals that are more than 60 days old.

“Since lenders know markets can change in six months’ time, it’s important for sellers to understand that a previous appraisal is never a reliable source for the current value of a home,” Marks says.

“While it’s true that an agent’s commission is based on the selling price of a house, the disparity will end up being negligible,” she says. For example, the difference in commission between a $300,000 house and one that’s $310,000 is about $150.

“No real estate agent is going to lose a sale for the sake of a couple hundred dollars,” she explains.

Selling a home takes knowledge and resources. Contact the Caton Team for a free consultation.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team. We are full time, local Realtors with over 25 years of combined Real Estate experience. How can The Caton Team help you?

With warmer weather and longer days, summer is the ideal time of year to take on a project in or around your home. Many contractors and other pros often find this time of year a little slower, as many homeowners are waiting until fall to tackle big interior projects, which means that you’ll have an easier time finding the right person for the job.

These eight projects are designed to add value to your home, without breaking the bank at the same time. Tackling them now will make your home more comfortable for the coming months, while ensuring that you can get maximum ROI when the time comes to sell.

1. Fix Window Leaks

Air gap around your windows could be driving your air conditioning bill up higher than it needs to be this summer. Old or leaking windows can cause you to lose as much as 20% of the energy you use to heat and cool your home, which can also make it less comfortable as well.

There are two ways to fix window leaks: installing new replacement windows, or installing weatherstripping around your existing windows. While both will help you save money on your energy bills, replacement windows will also help you recoup about 73.9% ROI at time of resale.

Money Saving Tips: Get an energy audit done on your home before you start replacing windows. You may find that only a few need to be replaced, while the rest can be caulked or weatherstripped to save.

2. Basement Remodel

Remodeling your basement is a great way to increase your existing living space, without the hassle or expense of a major addition. Basements are often cooler in the hot summer months than the rest of the home, so remodeling can help you gain more usable living areas during this time of year. A basement remodel featuring things like waterproofing or french drain installations can also recoup you about 70% at time of resale.

Money Saving Tips: Simply waterproofing your basement will help make the area livable, allowing you to simply paint the concrete walls and floors, and begin furnishing the room for less.

3. Bathroom Remodel

Bathrooms are among the most frequently used rooms in the home. During the humid summer months, older bathrooms can often become home to things like mold and mildew, which makes now the best time to start remodeling. A bathroom remodel, including all new fixtures, shower, and ceramic tile can recoup you around 64.8% at time of resale, while making your home healthier and more functional at the same time.

Cost: A full scale bathroom remodel costs around $18,000. However, there are many components that can be done for less, such as installing a new bathroom fan to help dry out the room for $350 – $400 or putting in a new mirror for $120 – $150.

Money Saving Tips: Cosmetic updates to an otherwise functional bathroom can save you a lot of money. Simply painting the walls or replacing the sink and faucet can give your bathroom a facelift for less.

4. Add Attic Insulation

Another way to help lower energy costs this summer is to add some insulation to your attic. Most homes are underinsulated, particularly in this area, which can contribute to higher energy costs. Insulating your attic will make your home more comfortable, while saving you money on your AC bill this summer. Best of all, attic insulation recoups a whopping 107% at time of resale.

Money Saving Tips: Purchase the highest R-value you can find for your climate, and you’ll save even more on your energy bills year round.

5. Build a New Deck

Enjoy more time spent outdoors this summer on a new wood deck. Decks increase your usable outdoor space, make entertaining easier, and have a rate of return at around 71.5%. Start this project early in the summer to make the most of your new space before fall.

Money Saving Tips: If you have an existing deck, consider having it repaired, rather than replacing it. Often pressure washing and staining a deck, while replacing some of the boards can help extend its life.

6. Replace Your Roof

After a long winter filled with ice dams, your roof may be in poor condition and in need of replacement. Don’t wait until summer storms send water pouring in through your ceiling; have your roof taken care of at the start of the season to ensure that it’s in good condition for the rain to come. A new roof will help you recoup about 68.8% at time of resale as well.

Money Saving Tips: If the majority of your roof is in good condition, you may want to opt for a partial replacement or roof repair to save money.

7. Replace Your Siding

Siding is just as important as your roof when it comes to both protecting your home from the elements, and to giving it its curb appeal. The nicer weather of the summer makes this the ideal time of year to take care of this important project. Replacing your siding can recoup you as much as 76.4% at time of resale. Replacing your siding can also help you take care of other issues such as rotting fascia, and can improve the appearance of your home at the same time.

Money Saving Tips: If your siding is in decent condition, consider making repairs to those areas that require it, and painting the entire exterior to give it a fresh look for less.

8. Universal Bathroom Design

Universal design is one of the newest trends that’s recouping costs in a big way. In many cases, universal design costs less than a complete bathroom remodel, but can make your home easier to sell because it appeals to a wider group of people. Take on the project this summer when plumbers aren’t as busy to get the job done faster. This type of project also recoups about 68.4% at time of resale.

Money Saving Tips: Many things in a universal bathroom can be installed DIY for less, including lever handles on faucets and a universal height toilet.

To find out more about projects you can tackle around your home, be sure to visit the Cost Guides.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team. We are full time, local Realtors with over 25 years of combined Real Estate experience. How can The Caton Team help you?